Forno d'Asolo taken over by Sammontana and Investindustrial
New Italian hub with a billion turnover in frozen pastry, dessert and ice cream
BC Partners has reached an agreement for the sale of the Forno d'Asolo Group (with the Milan based Bindi), an excellent producer and distributor of frozen bakery products, to a consortium formed by Investindustrial (through Frozen Investments S.à rl, a company of the Investindustrial VIII fund) , and by the Bagnoli family, founders of Sammontana, the first Italian ice cream company. Financial terms of the deal were not disclosed.
The operation was long overdue. The sale of FDA Group, better known as Bindi-Forno D'Asolo, has been in the starting blocks since last June (read EFA News). Last week we reported the "home stretch" for a deal (read EFA News).
The Bagnoli family, Investindustrial and senior management will own 100% of the new group with operational control remaining in the hands of the family and Investindustrial leading the international expansion. Leonardo Bagnoli , CEO of Sammontana, will be appointed President, while Alessandro Angelon , CEO of Forno d'Asolo, will become CEO of the new group. Marco Bagnoli will become President of Sammontana Spa.
The group resulting from the union of Sammontana and Forno d'Asolo will have a turnover of almost 1 billion euros with production plants in Italy, the United States and France, and over 2,500 employees. The new entity will operate across multiple channels, being a major partner for leading bars, restaurants, hotels, food retailers and catering companies for frozen pastry, dessert and ice cream products.
BC Partners had invested in FdA Group in 2018 and supported the group in its various growth initiatives, from strengthening at a commercial and operational level, to completing the product offering, to diversifying sales channels and expanding into new markets international companies such as the United States, Germany and France. FdA generated approximately €500 million in revenue in 2023 and over €85 million in EBITDA in 2023, almost quadrupling in size since BC Partners joined the Group.
Andrea C. Bonomi, President of the Industrial Advisory Board of Investindustrial, explained that he "strongly believes in the collaboration with the Bagnoli family. Both Sammontana and Forno d'Asolo are very successful companies with excellent management and a good track record in terms of sustainability. Both companies have completed several add-ons in recent years, providing a solid platform through which the Bagnoli family and Investindustrial will be able to pursue a buy and build strategy to further internationalize the combined group, especially in the US market." .
"By leveraging our track record of almost four decades of investments in Italy and our proven track record of successful investments in the food sector, we have contributed to the strong international development of the company and best positioned the group to continue its growth path” , declared Stefano Ferraresi , Partner of BC Partners.
"We can't wait for them to repeat this success in partnership with us. I am also proud to announce that the new group will be able to count on top-level management, which will benefit from the contribution of the two companies", finally states Leonardo Bagnoli , CEO of Sammontana and representative of the second generation of the Bagnoli family, who will become President of the new group.
BC Partners' current portfolio in Italy includes Fedrigoni, a world-leading manufacturer of self-adhesive labels (also for the food sector) and packaging products, and Cigierre, a leader in Italian casual dining.
EFA News - European Food Agency